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Smart cards are card-like devices with integrated circuit chips that transport and store data, including sensitive and personal information.
Electronic passports, credit cards, business and government identity cards, visas, and other payment cards are all examples of smart cards that are used to provide faster and safer transactions while also safeguarding all personal data.
Smart cards are frequently employed to improve the functioning dynamics of numerous business verticals such as corporations, government organisations, and banks.
Companies in the BFSI sector are attempting to employ blockchain technology to provide a more improved security solution in the digital payment process.
These technologies are being used by government entities in order to prevent tax fraud and increase transparency between the government and citizens.
Blockchain applications need proper cryptographic key management, which is handled by smart card technology. To improve the convenience and security of transactions, blockchain technology developers are embedding smart cards into these apps.
The North America Smart Card Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
American Banknote Corporation (ABCorp) announced the launch of its Ellipse Verification CodeTM (EVC) technology-based battery-free dynamic security code payment card.
EMV has proven to be very effective at preventing card counterfeiting in Card-Present (CP) transactions, whereas EVC combats fraud in Card-not-Present (CnP) transactions by replacing the static 3 or 4-digit security code printed on a payment card with a dynamic security code displayed on a small screen.
Following the logical progression of payment smartcards, the complementary pairing of EMV and EVC provides a full solution against both CP and CnP fraud.
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